Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on RAIFFEISEN BANK INTERNATIONA. We currently have 5 research reports from 1 professional analysts.
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RAIFFEISEN BANK INTERNATIONA
RAIFFEISEN BANK INTERNATIONA
Good Q3 results clearly above consensus expectations
16 Nov 16
Pre-tax profit increased by 88% to €296m for Q3 16 compared to the originally released pre-tax profit for Q3 15 and was up by 17% versus the restated Q3 15 figure. RBI restated a full goodwill impairment of €96m on the Polish subsidiary from Q3 to Q4 15. Net interest income declined by 10% to €732m in Q3 16, while risk provisions were down by 48% to €100m. Commission income decreased by 2% to €378m for Q3 16. The trading result was a profit of €52m for Q3 16 compared to a loss of €14m for Q3 15. The net result from financial investments was a loss of €6m for Q3 16 versus a profit of €7m in Q3 15. Income from derivatives and liabilities was a loss of €71m in Q3 16 compared to a profit of €20m in Q3 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were down by 4% to €687m for Q3 16. The tax ratio rose from 21% for Q3 15 to 28% for Q3 16. Profit after tax and minority interests was €184m for Q3 16 compared to €90m for Q3 15 and €184m for the restated Q3 15 figures. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 12.3% at the end of September 2016 compared to 11.5% at the end of 2015.
Merger with RZB agreed
06 Oct 16
The management and supervisory boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have passed in principle a resolution to merge RZB and RBI. RZB would be merged into RBI. The merged company will continue to be listed on the stock exchange. An Extraordinary General Meeting of RBI which is to vote on the merger, requiring a 75% majority of the share capital present, is planned for 24 January 2017. The common equity tier 1 ratio (fully loaded) of the merged entity, based on the pro forma calculations, would be 11.3% at 30 June 2016. Management expects the RBI free float percentage to decrease between 34.6% and 35.7% from currently 39.2% following execution of the transaction based on the valuation of both companies. The financial targets of RBI are to remain effective and unchanged and will also apply to the merged institution following the merger transaction: a CET1 ratio (fully loaded) of at least 12% and a total capital ratio (fully loaded) of at least 16% are targeted by the end of 2017. A return on equity before tax of c.14% and a consolidated return on equity of c.11% are aimed at in the medium term. A further objective is to achieve a cost/income ratio of between 50% and 55% in the medium term.
Good Q1 figures and consolidation of RZB and RBI under evaluation
11 May 16
Pre-tax profit increased by 20% to €229m for Q1 16 versus Q1 15. Net interest income declined by 12.5% to €718m in Q1 16, while risk provisions were down by 60% to €106m. Commission income decreased by 4% to €347m for Q1 16. The trading result was a profit of €28m for Q1 16 compared to a loss of €62m for Q1 15. The net result from financial investments declined by 59% to €26m for Q1 16. Income from derivatives and liabilities was a loss of €27m in Q1 16 compared to a profit of €20m in Q1 15 which includes valuations for credit spreads on own liabilities. Administrative expenses were up by 4% to €718m for Q1 16. The tax ratio declined from 47% for Q1 15 to 40% for Q1 16. Profit after tax and minority interests rose by 37% to €114m for Q1 16 versus Q1 15. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was unchanged 11.5% at the end of March 2016. The Boards of Raiffeisen Zentralbank Österreich AG (RZB) and Raiffeisen Bank International AG (RBI) have decided to examine a potential consolidation of RZB and RBI. The objectives of a consolidation of the businesses would be simplification of the corporate structure and adapting the group more closely to increased regulatory requirements. No resolutions with respect to implementation have been passed by the respective management bodies. A possible consolidation of RZB and RBI would not affect RBI’s stock exchange listing.
Higher 2015 profit as expected due to cost switch, weakness of guidance from management
02 Feb 16
RBI released some preliminary figures for FY2015. Pre-tax profit increased from a restated loss of €105m for FY2014 to a profit of €696m for FY2015. Net interest income declined by 12% to €3.33bn in 2015 compared to 2014. Risk provisions were down by 26% to €1.27bn for 2015. Commission income decreased by 4% to €1.52bn. The trading result was a profit of €16m for 2015 compared to a loss of €30m for 2014. Administrative expenses declined by 4% to €2.91bn for 2015. The result after tax and minority interests was a profit of €383m for 2015 versus a restated loss of €617m for 2014. The common equity ratio 1 (CET1) under Basel 3 fully-loaded was 11.5% at the end of 2015 compared to 10.0% at the end of 2014. The final and full set of figures will be published as announced with the 2015 financial report on 16 March 2016.
Weak Q3 results due to one-offs, more restructuring costs incurred after 2015
12 Nov 15
Pre-tax profit was €157m for Q3 15 compared to a loss of €16m for Q3 14 and decreased by 44% versus Q2 15. Net interest income declined by 14% to €813m in Q3 15 compared to Q3 14 while risk provisions were down by 73% to €191m. Commission income decreased by 5% to €384m for Q3 15. The trading result was a loss of €14m for Q3 15 compared to a profit of €30m for Q3 14. The net result from financial investments was €7m compared to €23m in Q3 14. Income from derivatives and liabilities was a profit of €20m in Q3 15 compared to €103m for Q3 14 which includes valuations for credit spreads on own liabilities. Other net operating result was a loss of €159m for Q3 15 compared to a loss of €225m in Q3 14. Administrative expenses were down by 8% to €713m for Q3 15. The tax ratio was 33% for Q3 15. Profit after tax and minority interests was €90m for Q3 15 versus a loss of €119m for Q3 14. The common equity ratio 1 regarding Basel 3 fully phased-in was 10.8% at the end of September 2015.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
17 Nov 16
Topic of the quarter: Following on from our last quarterly we have delved further into the potential and challenges that the Internet of Things present the sector. Having spoken to a wide variety of companies from the sector (large and small, UK and overseas) it is apparent that there is going to be a very significant increase in the amount of data either generated by or available to Support Service companies. The key to generating value from this change will be breaking down the silos in which data is currently held, attracting and investing in the right skills and talent, seeing beyond the short-term investment that is likely to be needed and engaging with clients on a higher, more strategic level. If the sector doesn’t react, then the door is wide open for the Technology sector.